I’ve always been somewhat of a frugal person. I didn’t grow up with endless amounts of money. Going out to eat was meant for special occasions only and buying designer anything was out of the question. So, I learned pretty early on the value of a dollar (thanks mom and dad)! Although I now own a beautiful home with my husband and we’re doing well for ourselves, saving money is still important, especially if we want to remain in our beautiful home and raise kids one day.
I’m sure many of you out there can relate to the struggle of saving money. Everything is so expensive nowadays, it feels impossible to keep up. Despite the cost of living sky rocketing for our generation, there are still ways you can save money and live a comfortable lifestyle. In today’s post I’m sharing with you 5 realistic ways you can save thousands!
Pay off your credit card each month
We all know having credit cards can be a slippery slope if you’re not careful. That’s why it’s incredibly important to pay off your credit card statement in full each month. You might not feel like it’s saving you money in the moment, however, paying off your statement each month can save you hundreds or even thousands of dollars in interest.
Make your lunch
For those of you that work a full-time job, it’s easy to get into the habit of grabbing lunch at the local deli with your colleagues each day. It’s super convenient, right? Well, that may be true, but it’s also incredibly expensive. A $7 sandwich might not feel like a lot, but when you buy one every day, it really adds up. By making your lunch at home, you can save nearly $2,000 a year! And if you’re married or living with your significant other, multiply that by 2! You can easily save thousands of dollars by making your lunch. Plus, it’s way healthier!
Stop buying “sale” items just because they’re on sale
This one is big, people! Just because the Michael Kors purse that was once $500 is now on sale for $300 doesn’t mean you need a new purse. It sounds like an amazing deal, doesn’t it? Well, if you weren’t in the market for a new purse, then you shouldn’t be spending $300 just because it’s on “sale.” You might think you’re saving money, but you’re actually just spending $300.
Cancel the gym membership
I’m a huge proponent of living a healthy lifestyle. However, I don’t think it’s necessary to spend hundreds of dollars on a gym membership. There are so many things you can do right from your very own home. YouTube is a beautiful thing! There are many fitness channels (that are free) that have 30-45-minute step by step workouts. I’ve used them before, and they are great! One of my go-to channels is POPSUGARFitness. If you’re not into the home workouts, you can also go for a run or bike at your local park. Cutting out that $50 a month gym membership will save you thousands.
Invest your money
I’ve talked to many people my age, and surprisingly not a lot of them are investing their money. Let your money make you money! Having thousands of dollars in a savings account isn’t doing you any good. You might make $1 in interest over the course of a year. You’re basically losing money if you keep all of it in a savings account. Now I’m not saying you need to invest every single dollar, because it’s important to have access to some cash in case of an emergency.
However, you should invest your money a few different ways. The most popular and well-known way to invest your money is by contributing to your employer’s 401K plan. If your employer offers this (which most companies do), I suggest contributing the highest percentage you possibly can. It’s free money! Another way to invest your money is to open a mutual fund. I have one and it’s made me a lot of money over the years. Since I’m not an expert in any of this, check out this article by NerdWallet to learn more. Basically, the money that you put in your mutual fund makes a much higher percentage in interest than it would sitting in a savings account somewhere.
Saving money takes discipline and patience. It’s not always easy to say “no” to lunch with your co-workers. And you don’t always have to. It’s totally OK to treat yourself from time to time!
I hope these tips were helpful. Thanks for stopping by!
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